U.S. boosts oil exports to key Asian markets
Irina Slav for Oilprice.com
November 24, 2017
U.S. crude oil exports to Asia last week hit the highest in two months, and the second-highest on record, at 877,000 bpd, according to data from Kpler. There has been a strong upward trend in weekly exports of U.S. crude to the continent, and it looks like this trend is set to continue as shale […]
OPEC in the dark about shale as annual growth forecasts from 300,000 bpd to 1.7m
Businessam StaffNovember 23, 2017
OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers. Analysts including Andy Hall, the veteran crude trader who closed his hedge fund this year, gave differing outlooks for U.S. shale output in a briefing to officials from the […]
South Africa eyes BRICS partners to build new $10bn refinery
Businessam StaffNovember 21, 2017
South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said Tuesday. The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost a decade. […]
Oil trades above $56 after surging on Saudi cut-extension plea
Businessam StaffNovember 20, 2017
Oil held above $56 a barrel after surging the most in almost two weeks as Saudi Arabia’s energy minister said OPEC should announce an extension to supply cuts when it meets at the end of the month Futures were little changed in New York after rising 2.6 percent Friday. Oil inventories are unlikely to drain to […]
NNPC, Chevron sign $1.7bn crude, gas production deal
Businessam StaffNovember 20, 2017
Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day. The agreement, signed in London, is also expected to achieve an incremental peak production of about 283mmscfd of gas, NNPC Group Managing Director, Maikanti Baru, […]
Oil exploration in Nigeria’s north east, for good of the country, says oil minister
Businessam StaffNovember 15, 2017
Ibe Kachikwu, Nigeria’s minister of state for petroleum, said oil exploration in the North East is for the good of the country. He said this during “Overview of 2018 Budget Proposal” on Tuesday in Abuja, according to NAN. He added that “we have an obligation as a nation to continue to ensure that we follow […]
Egyptian Refining Co.’s $3.7bn plant to start operation in September 2018
Businessam StaffNovember 10, 2017
Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September 2018 and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of […]
NNPC pledges support for indigenous participation in Nigeria’s oil industry
Businessam StaffNovember 8, 2017
The Nigerian National Petroleum Corporation (NNPC) has pledged to provide more support to indigenous companies in Nigeria’s Oil and Gas Industry. Maikanti Baru, group managing director of the NNPC, made the pledge while opening the Lagos Midstream Jetty (LMJ) at the Apapa Harbour in Lagos Tuesday. “NNPC will continue to support all players in the […]
BP, Shell lead plan for blockchain-based energy trading platform
Businessam StaffNovember 6, 2017
A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said Monday. Other members of the consortium include Norwegian oil firm Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe […]
Nigeria’s Niger Delta Avengers resurface, declare “bloody” end to oil ceasefire
Businessam StaffNovember 3, 2017
Just as Nigeria has started to pump more than 1.8 million bpd of crude oil for two consecutive months, the Niger Delta Avengers (NDA), the militant group responsible for most of last year’s attacks on Nigeria’s oil infrastructure, returned to the scene with a gruesome message on its website, warning oil companies of a “brutish, […]